Accountancy and Book Keeping MCQs

Accountancy and Statistics

Accountancy and Book Keeping MCQs

Practice the latest Accountancy MCQs with answers and detailed explanations. Explore chapter-wise multiple-choice questions covering important accounting concepts, bookkeeping, financial statements, journal entries, ledger, trial balance, depreciation, ratio analysis, partnership accounts, company accounts, and more. Perfect for Class 11 & 12, B.Com, CA Foundation, CUET, Banking, SSC, JKSSB, JKPSC and competitive exams.

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Practice Questions

Page 79 of 94
Question #1561
The 'Directorate General of Foreign Trade' (DGFT) is under:
A. Ministry of External Affairs
B. Ministry of Commerce and Industry
C. Ministry of Finance
D. RBI
Discuss
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Correct Answer: Option B

Explanation:
DGFT is the nodal agency for foreign trade policy under Ministry of Commerce.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1562
The 'Importer Exporter Code' (IEC) is mandatory for:
A. All persons exporting or importing goods/services (with some exemptions)
B. Not required
C. Only exporters
D. Only importers
Discuss
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Correct Answer: Option A

Explanation:
IEC is a unique 10-digit code required for undertaking import/export, issued by DGFT.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1563
The 'GST Refund' for zero-rated supplies without payment of tax (under bond/LUT) can be claimed for:
A. No refund
B. Both output tax and input tax credit
C. Unutilised input tax credit
D. Output tax only
Discuss
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Correct Answer: Option C

Explanation:
When export is under bond/LUT without payment of IGST, refund of accumulated input tax credit can be claimed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1564
The 'Provisional Assessment' under GST can be requested when:
A. Tax rate is not known
B. Value of supply or rate of tax cannot be determined at the time of supply
C. Return is delayed
D. Audit is pending
Discuss
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Correct Answer: Option B

Explanation:
Provisional assessment under Section 60 allows payment of tax on a provisional basis when valuation/rate is uncertain.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1565
The 'GST Audit' by tax authorities (Section 65) has been replaced by:
A. No audit
B. Only CAG audit
C. Reconciliation of returns and information
D. Internal audit
Discuss
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Correct Answer: Option C

Explanation:
Finance Act 2021 removed the mandatory GST audit by CA/CWA and replaced with self-certification and department's scrutiny.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1566
The 'Tax Invoice' under GST must be issued:
A. Monthly
B. Before or at the time of removal/delivery of goods; for services, within 30 days
C. Within 30 days of supply of goods
D. Quarterly
Discuss
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Correct Answer: Option B

Explanation:
For goods, invoice is issued before/at the time of supply; for services, within 30 days (45 days for banks/insurance).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1567
The 'HSN Code' requirement for invoices under GST for turnover above ₹5 crore:
A. 4-digit HSN
B. 8-digit HSN
C. 2-digit HSN
D. 6-digit HSN
Discuss
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Correct Answer: Option D

Explanation:
Taxpayers with turnover > ₹5 crore must mention 6-digit HSN on invoices.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1568
The 'Nil-Rated Supply' under GST means:
A. Goods with 0% GST and no ITC on inputs (exempt)
B. Goods with 0% GST but ITC available
C. Non-taxable supplies
D. Zero-rated supplies
Discuss
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Correct Answer: Option A

Explanation:
Nil-rated supplies are taxed at 0% but no input tax credit is available. Exempt supplies also fall here. Zero-rated (export) allows ITC.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1569
The 'Constitutional Amendment' that paved way for GST was:
A. 42nd Amendment
B. 101st Amendment
C. 122nd Amendment
D. 73rd Amendment
Discuss
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Correct Answer: Option B

Explanation:
The Constitution (One Hundred and First Amendment) Act, 2016 introduced GST.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1570
The 'GST Council' decisions require how much majority?
A. Two-thirds majority
B. Unanimous
C. Three-fourths of weighted votes
D. Simple majority of members present
Discuss
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Correct Answer: Option C

Explanation:
As per Article 279A, decisions are by majority of not less than three-fourths of weighted votes of members present and voting, with Union's weight one-third and states' two-thirds.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1571
The 'GST Compensation Cess' was originally guaranteed for how many years?
A. 3 years
B. Indefinite
C. 5 years
D. 10 years
Discuss
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Correct Answer: Option C

Explanation:
Compensation to states for revenue loss was guaranteed for five years from July 1, 2017.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1572
The 'Sabka Vishwas' scheme was related to:
A. GST only
B. Income tax
C. Customs only
D. Indirect tax legacy disputes
Discuss
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Correct Answer: Option D

Explanation:
Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 covered service tax and excise disputes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1573
The 'Vivad se Vishwas' scheme (2024) is for:
A. Customs disputes
B. All tax disputes
C. Direct tax disputes
D. GST disputes
Discuss
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Correct Answer: Option C

Explanation:
Vivad se Vishwas (2024) is a scheme for settlement of pending income tax disputes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1574
The 'Face-less Assessment' under Income Tax is carried out by:
A. NFRA
B. Assessing Officer in local office
C. National e-Assessment Centre (NeAC) / Regional e-Assessment Centres
D. CAG
Discuss
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Correct Answer: Option C

Explanation:
Faceless assessment is done through electronic means by specialised units.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1575
The 'National Financial Reporting Authority' (NFRA) has jurisdiction over:
A. Public interest entities (listed companies and large unlisted companies)
B. All companies
C. Only banks
D. Only public sector undertakings
Discuss
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Correct Answer: Option A

Explanation:
NFRA regulates auditors and audit quality of public interest entities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1576
The 'Companies Act, 2013' mandates CSR spending for companies with:
A. No mandate
B. Only listed companies
C. All companies
D. Net worth ≥ ₹500 crore, or turnover ≥ ₹1,000 crore, or net profit ≥ ₹5 crore
Discuss
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Correct Answer: Option D

Explanation:
Section 135 specifies the criteria for mandatory CSR.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1577
The 'Independent Director' under Companies Act is appointed for:
A. Private companies
B. Small companies
C. All companies
D. Listed companies and certain prescribed classes of public companies
Discuss
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Correct Answer: Option D

Explanation:
Independent directors are required for listed companies and specified public companies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1578
The 'One Person Company' (OPC) can be converted into a private or public company after:
A. Never
B. Any time
C. Only after 5 years
D. Completing two years from incorporation (or earlier if threshold exceeds)
Discuss
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Correct Answer: Option D

Explanation:
OPC must convert if its paid-up capital exceeds ₹50 lakh or turnover exceeds ₹2 crore, or voluntarily after 2 years.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1579
The 'Reserve Bank of India' (RBI) regulates:
A. Monetary policy, banking, and financial system stability
B. Pension funds
C. Stock exchanges
D. Insurance companies
Discuss
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Correct Answer: Option A

Explanation:
RBI is the central bank responsible for monetary policy and banking regulation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1580
The 'Securities and Exchange Board of India' (SEBI) regulates:
A. Banking
B. Commodity futures only
C. Insurance market
D. Capital markets and securities
Discuss
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Correct Answer: Option D

Explanation:
SEBI is the regulator for securities market in India.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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